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Exports: Corn rebounds after diving last week

According to the USDA’s latest U.S. Export Sales report, corn net sales of 282,300 MT for the 2012-2013 marketing year were up 34 percent from the 4-week average. Last week's report marked the lowest corn net sales in 27 weeks, but this week sales jumped by 332,095 MT.

On Wednesday corn futures dropped in response to persistent U.S. dollar strength but moved very little overnight, possibly due to trader uncertainty about the result of the USDA Export Sales report. May corn slipped 0.75 cents to $709.5/bushel early Thursday morning, while December edged 0.5 cent higher to $5.555.

REPORT

THIS WEEK

LAST WEEK

DIFFERENCE

Sales

282,286

-49,809

332,095

SALES

10 WEEKS

27 WEEKS

THIS YEAR

Average

224,725

254,943

202,252

High

393,341

1,881,967

393,341

Low

12,622

368

-49,809

The report also showed soybean net sales of 657,700 MT for the 2012/2013 marketing year were up noticeably from last week and from the 4-week average. Increases were reported for unknown destinations (220,200 MT), China (183,500 MT, including 60,000 MT switched from unknown destinations), Germany (151,600 MT), Indonesia (21,000 MT), Japan (20,400 MT, including 10,800 MT switched from unknown destinations), and Taiwan (17,500 MT). Net sales of 126,000 MT for delivery in the 2013/2014 marketing year were for China. Exports of 765,000 MT were down 25 percent from the previous week and 18 percent from the prior 4-week average. The primary destinations were China (186,300 MT), Germany (151,600 MT), Indonesia (121,700 MT), Egypt (76,400 MT), Japan (63,900 MT), Mexico (62,500 MT), and the Netherlands (31,700 MT). NOTE: Accumulated exports were adjusted down for the Netherlands (151,600 MT).

On Wednesday soybean futures fell as traders again blamed dollar strength and profit-taking in the wake recent gains. Futures fell again overnight and early Thursday morning, with traders continuing to blame the strength of the U.S. dollar and recent talk of slowing Chinese buying. May soybeans dipped 6.0 cents to $14.41/bushel Wednesday afternoon, while May soyoil lost 0.31 cents to 49.21 cents/pound, and May meal skidded $1.6 to $427.3/ton.